Mara Holdings (MARA) FY2024 results: revenue $656 million, up 69.4% on the year

Mara Holdings, Inc. (MARA) reported revenue of $656 million for fiscal 2024, the year ended 31 December 2024, up 69.4% on the year before. Net income was $541 million, up 107.2%, and diluted earnings per share $1.72. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$656 million

+69.4% on the year

FY2017FY2024

Operating margin

46.6%

57.0% a year earlier

FY2017FY2024

Net income

$541 million

+107.2% on the year

FY2017FY2024

Diluted EPS

$1.72

+62.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	656	388	118	+69.4%
Cost of revenue	816	403	151	+102.5%
Gross profit	-159	-15.3	-33.7
Gross margin	-24.3%	-4.0%	-28.6%
Research and development	13.2	2.8	0.1	+370.4%
Operating income	306	221	-674	+38.6%
Operating margin	46.6%	57.0%	-572.0%
Interest expense	13.0	10.3	15.0	+25.6%
Pre-tax income	617	278	-718	+122.1%
Income tax	75.5	16.4	-24.2	+359.6%
Effective tax rate	12.2%	5.9%	n/a
Net income	541	261	-694	+107.2%
Net margin	82.5%	67.4%	-589.4%
Diluted EPS	$1.72	$1.06	-$6.12	+62.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	-677	-316	-176
Capital expenditure	251	27.6	41.1	+808.4%
Free cash flow	-928	-343	-218
Free cash flow margin	-141.4%	-88.6%	-184.8%
Cash from investing	-3,229	4.6	-390
Cash from financing	3,953	556	411	+611.1%
Depreciation and amortisation	429	186	78.7	+131.3%
Share-based compensation	158	32.6	24.6	+382.9%
Buybacks	37.4	0.4	0.0	+9,743.2%
Diluted shares, weighted	312m	192m	113m	+62.2%
Shares outstanding at period end	340m	243m	146m	+40.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,129	1,616	386	+155.5%
Non-controlling interest	6.9	0.0	n/a
Deposits	n/a	67.0	43.3
Debt	2,447	326	782	+651.3%
Operating lease liabilities	23.0	0.4	1.0	+6,390.7%
Finance lease liabilities	3.7	0.0	n/a
Other liabilities	192	n/a	n/a
Total liabilities and equity	6,801	1,991	1,195	+241.6%
Fixed assets	1,549	672	273	+130.7%
Goodwill	82.8	0.0	n/a
Intangible assets	2.7	0.0	n/a
Cash and equivalents	392	357	104	+9.6%
Receivables	n/a	0.0	n/a
Other assets	4,775	962	819	+396.4%
Total assets	6,801	1,991	1,195	+241.6%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.